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News

Fairfax Makes $686 Million Bid for Northbridge Shares

March 25, 2010

Correction: Yesterday, Canadian Insurance reported on its website that Fairfax Financial Holdings is planning a $686-million bid to extend its stake in Northbridge Financial Corp. The story incorrectly cited the price that Fairfax will offer for the remaining shares in…

News

Lack of knowledge could lead to inadequate coverage: Healthcare providers

March 25, 2010

A lack of consumer knowledge makes decreasing mandatory medical and rehabilitation benefits in order to lower insurance premiums a dangerous proposition for Ontario drivers, according to the Alliance of Community Medical and Rehabilitation Providers (ACMRP). “There is obviously an educational…

News

Future Regulations May Bypass Legislation: Panelists

March 25, 2010

The insurance industry could see more regulatory changes come about without legislation in the future, according to legal experts. Insurers and other industry members have already seen at least one amendment come down through non-legal means recently, according to Paul…

News

More Intervention for Regulations? CCIR Chair Stresses Risk Management

March 25, 2010

Financial institutions—including insurers—must reexamine and redouble their risk management efforts in the wake of last year’s market meltdown and in anticipation of rapidly changing regulations, according to the head of Canada’s insurance regulators. The Canadian Council of Insurance Regulators (CCIR)…

News

Industry Supports Ontario Auto Reforms

March 25, 2010

Insurers and brokers in Ontario support proposed changes to Ontario’s auto insurance system, saying the McGuinty government’s plan puts consumers first. That plan—unveiled November 2—earned high marks from both the Insurance Bureau of Canada (IBC) and the Insurance Brokers Association…

News

Fairfax set to enter Chinese insurance market

March 25, 2010

Toronto-based Fairfax Financial Holdings Ltd is set to enter the Chinese insurance market with the purchase of a 15% interest in Alltrust Insurance Co. for $66 million (US). The deal, announced August 31, 2009, is subject to final approval by…

News

Market stable, despite difficult year: A.M. Best

March 25, 2010

Despite a decline in capitalization, uncertainty over regulatory reform and increased cost pressures, A.M. Best analysts believe that the overall outlook for the Canadian P&C market is “ “stable.” In the rating company’s latest report, analysts predict that the strength…

News

IFRS Goals Elusive in the EU, says A.M. Best

March 25, 2010

Common financial reporting standards in the European Union may not be that consistent after all, according to an A.M. Best report. Although the EU’s public insurance companies adopted International Financial Reporting Standards (IFRS) in 2005, “very little has been achieved”…

News

Sales, Stumbles Continue for AIG

March 25, 2010

AIG continues to shed holdings as it streamlines operations—its Colombian-based consumer finance operations are the latest businesses on the block, the company announced July 1. The insurer has agreed to sell 100% of its ownership interests in Inversora Pichincha S.A.…

News

Economy shrinks 1.4% in first quarter

March 25, 2010

Canada’s real gross domestic product (GDP) declined 1.4% in the first quarter of 2009, marking the largest quarterly decline since 1991, according to StatsCan. On an annualized basis GDP fell 5.4% over the past 12 months. Despite these uninspiring figures,…

News

Alberta’s Premium Question – How high can premiums go?

March 25, 2010

How high will auto premiums rise in Alberta? That hinges on the fate of the province’s minor injury regulation, according to the Insurance Bureau of Canada (IBC), which predicts hikes as low as 7% or as high as 40%, depending…

News

Hub International buys two firms

March 25, 2010

Hub Financial, the Canadian-based managing general agency and subsidiary of Hub International Limited, has completed the acquisition of Best Advice Financial Services, based in Toronto. The purchase adds over 100 servicing brokers to the Hub stable and strengthens Hub’s relationship…